Professionals for Estate Planning in Calgary
Worried about the management of your property and assets? Well, who isn’t? We spend our entire lives building an estate that could be beneficial for us during our lifetime and for our heirs after our demise. But without proper planning, all our efforts can face hardships.
Although, the issue can be eliminated just with the appropriate arrangement of one’s assets.
While most of us think that estate planning in Calgary is all about writing a will, it is a far more complex and extensive process. With proper estate planning, the citizens of Calgary can easily meet their financial goals and objectives. This essential task requires proper knowledge and guidance.
Why do we need an estate plan?
With a sound estate plan you can solve most of the problems which generally arise during the settlements. Apart from that estate planning can help you in the following ways:
⦁ It can provide financial security to your family.
⦁ It minimises taxes and expenses thus maximising the estate for transfer.
⦁ Proper estate planning provides capital with which you can meet immediate liquidity needs which are required for settlement costs.
⦁ By planning wisely one can keep the proceedings out of the public record and can ensure that all the beneficiaries are listed according to the most recent will.
⦁ Above all, with a definite estate plan you can conserve the estate therefore providing advantages to the later generations.
What are the different tools required for an effective estate plan?
Following tools are necessary for creating a potent estate plan:
1. A Will, which is a legal document and is a subject to probate. It is the will which ensures that all the assets of a person are distributed under the supervision of the court.
2. Second is the Power of Attorney which gives a trustworthy person all the rights to legally make all the financial judgments on your behalf.
3. An Insurance Protection which not only covers your business but also provides a full life insurance policy in case you experience some unexpected events.
4. If you want someone else to take the benefits of your assets like minor children or second spouse then this can be achieved by setting up the Trusts. A trust is generally considered as a tax-effective measure.
Who can you appoint as your estate trustee in Calgary?
An estate trustee can be one of the following people:
⦁ A spouse
⦁ A friend
⦁ The elder child of the family
⦁ A trust company
⦁ A lawyer or financial advisor
What are the assets that can be included in your estate?
The different examples that can be considered as part of your estate planning in Calgary are:
⦁ Your financial accounts like a savings account, retirement accounts, life insurance proceeds etc.
⦁ Tax refunds, inheritance funds or your outstanding loans.
⦁ Your real estate investments like home, office or any other land that you own
⦁ The other assets like cars, furniture or jewellery.
Thus by arranging a proper estate plan you can live a carefree life by ensuring that your wishes are honoured even when you are unable to take handle your own affairs.